Hoffman and Phoenix are locked. As for the actresses, I’m told that Anderson is eyeing such women as Madisen Beaty (The Curious Case of Benjamin Button) for a role, with Amy Adams, The Girl With the Dragon Tattoo‘s Lena Endre and Laura Dern also mentioned as actresses Anderson is interested in. The auction was held at CAA headquarters late last week, with Fox Searchlight also squarely in the mix.

This is the project that Anderson has worked on for a long time, once under the title The Master. He has greatly overhauled the script and now, Hoffman stars as a man who returns after witnessing the horrors of WWII and tries to rediscover who he is in post-war America. He creates a belief system, something that catches on with other lost souls. The film is fully financed by Ellison’s Annapurna banner. At a time when the implosion of the indie film marketplace made pricey auteur films so hard to finance, Ellison has emerged as something of a godsend to the small group of auteurs she is working with. She’s enabled Anderson to make the movie at or near the $35 million budget the film was going to cost back when Universal stepped away.

The deal gives TWC a big title to bring to the Cannes Film Festival this week. More to come …